I know a little about accounting, enough to keep our practice's books in
order and predict profits and drawings to a reasonable degree of
accuracy. Until now cash flow has not been a problem, particularly with
the Leave payment early in the year. But, as I have mentioned before on
this list, under nGMS our NHS income will go down until after the end of
the financial year, and there will be no leave advance.
So I am thinking of applying for a bank overdraft to cover us until HM
Government deigns to pay us the money we are owed. But here I am much
less knowledgeable.
Our bank are proposing interest at 3% over base (this is an unsecured
loan), with an arrangement fee of £220 for a £15,000 facility. Do these
fees and interest rates sound reasonable to all you worldly-wise GPs out
there?
I have also been asked to provide completed Financial Profiles for all
the partners, including details of all their income and outgoings,
personal assets, any guarantees given, and employment and income of
spouse. Personally I regard this as colossal cheek. Why they should need
to know the date on which one of my partner's husbands was appointed as
an ENT consultant, before they can grant us an overdraft of a measly
£15k I do not know. Is this sort of thing regarded as normal, nowadays?
--
Michael Leuty <[log in to unmask]>
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